Amends the Internal Revenue Code to provide for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities.
Establishes a maximum capital gains rate of 17 percent on the sale or exchange of real property held for more than one year.
Allows a tax credit for individuals for the purchase of a personal residence. Limits such credit to $2,000, if the individual is a first-time homebuyer, and $1,500, if the individual is not a first-time homebuyer but the residence is newly constructed.
Allows an itemized deduction for losses incurred in the sale or exchange of a principal residence.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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